You want to make sure your belongings are well protected, but also to save money. With that in mind, is it worth taking out specialist insurance?
Inspect your gadgets
The thing is, the average household today has far more bits of tech hanging around than was ever the case 20 or even ten years ago. Instead of books we go to sleep reading an E-Reader; we take photos on a digital camera – or our phone – rather than a disposable one; and even our games consoles can be worth hundreds of pounds – or more when you include the value of all the games too.
If you have home contents insurance, you know that there are some things that can never be replaced no matter how much cash you receive – like photographs. However, you may be worried that if you’re ever unlucky enough for your belongings to fall victim to fire or theft, the pay-out you receive won’t stretch to cover the cost of all your gadgets.
Out and about
The thing about gadgets is you’re not always going to be using them at home. If you’re the type of person who can’t cope taking the bus without your MP3 player to listen to, or if you always have your camera by your side to snap any interesting sights, you should keep in mind that your contents insurance is unlikely to cover you if your gadgets are lost or broken outside of the home.
If you’re not prepared to keep use of your gadgets to the confines of your home, a separate policy may be worthwhile. And even if your contents insurance says it will cover you when away from your address, it’s worth checking the small print – the policy may assign limits to how much you can claim for replacement goods, which could be below the value of your particular gadget.
Calculate the cost
First thing’s first – you need to calculate how much all of your gadgets are worth to determine whether your contents insurance would be enough to cover this. If you have unlimited contents insurance, you’ve got the peace of mind that you’re protected (while at home) – although you may end up paying a little more each month.
You should also consider whether it will just be too much of a faff to claim for a gadget on your contents insurance if it’s broken. You may find that your excess is too high to make this worth your while. Many gadget insurance policies include the swift replacement of lost, stolen or broken items.
Part of the job
Another factor that might influence whether or not you decide to take out additional insurance for your gadgets is whether you use the items for work. If they are on loan to you from your employer, it’s likely they’re already covered by your work’s insurance, but if you’re a contractor or own your own business you could be liable for the cost if something happens to your gadgets.
For instance, if you’re a photographer it may be worth considering insurance that covers your camera and related equipment, like lights, as when you use them outside of the home they may not be protected by your home contents insurance. Gadget insurance may even cover you if you’re travelling abroad with your equipment.
One of the great things about gadget insurance is that you’re not only covered financially, but you’ll also find that many policies will replace your broken item with the same or a similar item. This is an invaluable service if you need these products as part of your job and rely on them day-to-day to make a living.